Talk Radio News Service: News, Politics, Media

By Monique Cala
University of New Mexico/Talk Radio News Service

As legislation to reform the financial regulatory system makes its way through the Senate this week, Democrats are hoping to win support from the public by portraying Republicans as being beholden to the big banks on Wall Street.

“This is a pretty simple issue. As complex as derivatives are, as complex as Wall Street reform is, it’s really 'who’s side are you on?'” said Sen. Sherrod Brown (D-Ohio) in a press conference with reporters. “You going to be on the side of Wall Street, or you going to be on the side of Main Street?”

Sen. Jeff Merkley (D-Ore.) joined Brown at the podium to applaud the bill for taking on firms deemed as being "too big to fail."

“We absolutely need to have a bill that says when a financial house does go out of business, it wont take down the rest of the economy and won't be bailed out by the American taxpayer’s money,” he said.

If a bipartisan agreement can be worked out, the Senate will most likely start debate on the legislation in the coming days. The House passed a similar bill, written by Financial Services Committee Chairman Barney Frank (D-Mass.), late last year.

Under the Senate bill, the government would be made aware of “early warning” signs from banks in danger of going bankrupt. Brown heralded such a measure as key to preventing future financial collapses.

“The days of obstruction are over. We are going to move on Wall Street reform. We are going to put the United States Senate, the United States House and the signature of the President of the United States on the side of Main Street,” Brown said.